Mr. John Lee reports

SILVER ELEPHANT UPSIZES PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT TO $540,000 AND AMENDS TERMS

Silver Elephant Mining Corp. has proposed to amend the terms of the non-brokered private placement originally announced on April 1, 2025. The private placement will be increased to raise gross proceeds of up to $540,000 through the sale of three million units at a price of 18 cents per unit. Each unit consists of one common share of the company and one share purchase warrant with each warrant entitling the holder to purchase one additional share at a price of 30 cents per share for a period of three years from issuance.

Finders' fees of up to 7-per-cent finders' units will be payable. Each finder's unit will consist of one common share of the company and one non-transferable share purchase warrant with each warrant entitling the holder to purchase one additional share of the company at a price of 30 cents per share for three years.

John Lee, a director of the company, will be subscribing for 500,000 units for gross proceeds of $90,000. The issuance of units to Mr. Lee will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the director's participation in the private placement will not exceed 25 per cent of the fair market value of the company's market capitalization. The company will file a material change report in respect of the related party transaction.

The securities issued under the private placement will be subject to a regulatory hold period of four months plus one day from the date of issue. Proceeds of the private placement are expected to be used for general corporate purposes.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with gold and silver projects in Bolivia.

We seek Safe Harbor.